Braemar Shipping Appoints New Chief Executive

The board of Braemar Shipping Services PLC (“Braemar”, “the Group” or “the Company”) is pleased to announce the appointment of James Kidwell as Chief Executive with effect from today.

James Kidwell, age 50, is Group Finance Director and has worked for Braemar in that role since June 2002.

He succeeds Alan Marsh, who will retire as chief executive today and from the board on 31st July 2012. Alan Marsh has, however, agreed to continue to play an active role in the Shipbroking division. In addition, Quentin Soanes, following his appointment as Chairman of the Baltic Exchange, will also retire from the board on 31st July 2012 but will remain responsible for the Group’s Technical, Logistics and Environmental divisions.

Denis Petropoulos continues as group regional director – Singapore, and executive director of Braemar Shipping Services PLC. He is based in Singapore and is also responsible for Braemar’s development and marketing initiatives in the East.

Sebastian Davenport-Thomas becomes managing director of the Shipbroking division, having been head of its sale and purchase department for the past five years.

The Group will appoint a new finance director in due course and in the meantime James Kidwell will retain these responsibilities in addition to his new role.

The Chairman of Braemar, Sir Graham Hearne said: “Alan has led Braemar, as a public company, for 11 years with great distinction and has been a significant force in taking the Group to where it is today. We are indebted to him for his enormous contribution and I am delighted that he will still be actively involved in our Shipbroking division.”

“Quentin will also take this opportunity to retire from the board after more than 30 years service with Braemar. He has been highly instrumental in the development of the marine and energy services businesses in the Group which will continue to be his primary responsibility. We would like to wish him every success in his role as Chairman of the Baltic Exchange.”

“Braemar is doing well in very challenging markets and in James Kidwell we have appointed a top class executive who has over the years developed a deep understanding of all aspects of the business. I have no doubt James will bring the leadership and expertise to maintain our success and manage the next phase of Braemar’s growth.”

Braemar’s outgoing chief executive, Alan Marsh, said: “It is with some sadness that I have decided, as I approach my 63rd birthday, that this is the time to retire from a role that I have much enjoyed. I am confident that James will be an outstanding successor, and I look forward to continuing to contribute to the Group’s success.”

The company’s new chief executive, James Kidwell, added: “I am looking forward to the challenge of building on the Group's positive momentum. Braemar is a dynamic business, and we have a strong team of people who together offer great potential for the future.”